Top UK Money Management Apps

It's not always easy to manage finances effectively. You might go for a takeaway coffee, get a new book, treat yourself to some new clothes to suit the latest trends, and before you know, you're £100 in red for the month. A large number of schools don't teach about personal finance, so learning by trial and error is the norm these days. To make a budget isn't so bad, but sticking to the plan is the difficulty. Happily, the age of money management apps is upon us. 

A number of helpful money apps are now available in the UK, many with innovative, easy-to-use interfaces. Some of these are banks (eg, Monzo, Starling Bank), others were certianly not when they initially got launched. Some are regulated by the Financial Conduct Authority (FCA) in much the same way as banks are required to be regulated, while others were launched without holding a banking licence.

Knowing whether an app is a bank or a financial service provider is important. Banks are covered by the Financial Services Compensation Scheme (FSCS), protecting deposits up to £85,000. Non-bank apps may offer similar protections through their partners, but it's essential to know the difference.

In this article IQ Money looks at some popular money apps in the UK, detailing their features and regulatory statuses. From digital banks to AI-driven budgeting tools, discover how these apps can help you manage your finances more effectively, organise transfers overseas and even dip your toes into investing.

Monzo

Monzo was launched in 2015 and quickly became popular for its user-friendly approach to banking.

• Features:
• Banking: Fully licensed UK bank offering personal and business current accounts.
• Budgeting: Provides detailed tools for budgeting and tracking spending by categories, allowing users to see where their money goes.
• Savings: Allows users to create Pots to save money separately from the main balance, with options for interest-bearing savings.
• Overdrafts and Loans: Offers access to overdrafts and personal loans with transparent terms.
• Travel: Known for no foreign transaction fees and competitive exchange rates when spending abroad.
• Additional Features: Bill splitting, integration with other financial services, and instant notifications for transactions.

Revolut

Revolut was founded in 2015 as a solution for traditionally expensive overseas spending and since then had gained a reputation for its innovative approach to financial services.

• Features:
• Multi-currency Accounts: Users can hold and exchange over 30 currencies within the app at interbank exchange rates.
• Budgeting: Categorises spending and sets monthly budgets with detailed spending insights.
• Savings: Offers Vaults for saving money, including group Vaults, and interest-bearing options through partnerships.
• Investing: Provides access to commission-free stock trading, cryptocurrencies, and commodities.
• Travel: Popular for its fee-free global spending, competitive exchange rates, and additional travel perks with premium plans.
• Additional Features: Insurance products, junior accounts, and cashback offers.

Starling Bank

Starling Bank was established in 2014 and is recognised for its comprehensive digital banking services.

• Features:
• Banking: Offers personal, business, and joint accounts with full banking capabilities.
• Budgeting: Provides insights into spending and various budgeting tools.
• Savings: Features Goals for saving money with competitive interest on balances.
• Overdrafts and Loans: Provides access to overdrafts and personal loans with clear, fair terms.
• Travel: No fees for spending abroad and competitive exchange rates.
• Additional Features: Integration with various financial tools and services, real-time notifications, and robust security features.

Emma

Emma was launched in 2018 and focuses on helping users manage their finances by connecting multiple accounts.

• Features:
• Budgeting: Aggregates data from various bank accounts and credit cards to track spending.
• Subscriptions: Identifies recurring payments and subscriptions, helping users manage or cancel them.
• Savings: Assists in setting and tracking savings goals.
• Investments: Tracks investments across different platforms, providing a comprehensive view of assets.
• Debt: Offers insights and tips for managing and reducing debt.
• Additional Features: Supports multiple currencies and offers cashback on purchases at selected retailers.

Cleo

Cleo was founded in 2016 and uses an AI-driven chatbot interface to assist users with their finances.

• Features:
• AI Assistant: Chatbot that provides a conversational way to manage finances.
• Budgeting: Analyses spending patterns and sets budgets.
• Savings: Features an automated savings tool that analyses spending and saves money accordingly.
• Cashback: Offers cashback on purchases made through partnered retailers.
• Credit: Tools for building and managing credit scores, including educational resources.
• Additional Features: Provides financial tips, challenges to save money, and instant notifications for transactions.

Money Dashboard

Money Dashboard was established in 2010 and offers comprehensive budgeting tools.

• Features:
• Budgeting: Aggregates accounts from multiple banks and categorises spending.
• Forecasting: Predicts future spending and financial trends based on historical data.
• Goal Setting: Tools for setting and tracking financial goals.
• Insights: Provides insights and personalised tips based on spending behavior.
• Investments: Tracks investments and net worth, giving a full financial picture.
• Additional Features: Free to use with support for multiple financial institutions.

Yolt

Yolt was launched in 2017 by ING Bank and focuses on helping users make smarter financial decisions.

• Features:
• Budgeting: Connects to various accounts to provide a holistic view of finances and track spending.
• Savings: Tools for setting savings goals and tracking progress.
• Insights: Provides insights into spending habits and offers personalised financial tips.
• Energy Switching: Compares energy deals to help users save on bills.
• Subscriptions: Identifies and manages recurring subscriptions.
• Additional Features: Integration with various financial services and accounts.

Plum

Plum was founded in 2016 and uses AI to help users save and invest.

• Features:
• Savings: Automatic savings feature that analyses spending and sets aside money.
• Investing: Access to stocks and funds with different risk levels, including ethical investments.
• Budgeting: Tools for tracking spending and setting budgets.
• Insights: Provides financial insights and tips based on spending habits.
• Bills: Monitors bills and suggests cheaper alternatives to save money.
• Additional Features: Offers interest on savings and personalised financial advice.

Chip

Chip was launched in 2017 and focuses on automating the saving process.

• Features:
• Savings: AI-driven automatic savings feature that transfers small amounts based on spending habits.
• Interest: Offers accounts with competitive interest rates on savings.
• Goals: Tools for setting and tracking specific savings goals.
• Investments: Provides access to investment accounts and funds.
• Cashback: Offers cashback on purchases made through selected retailers.
• Additional Features: Insights into spending patterns and suggestions for saving more.

Tandem

Tandem was founded in 2013 and is known for its user-friendly approach to saving and borrowing.

• Features:
• Savings: Offers competitive interest rates on various types of savings accounts.
• Loans: Provides access to personal loans with clear, fair terms.
• Credit Cards: Offers cashback credit cards to help users earn while they spend.
• Budgeting: Tools for managing spending and tracking budgets effectively.
• Green Loans: Special loans for environmentally friendly home improvements, promoting sustainability.
• Additional Features: Insights into spending, financial tips, and personalised recommendations.
  

These apps cater to a wide range of financial needs, from everyday banking and budgeting to saving, investing, and managing subscriptions, making it easier for users in the UK to take control of their finances.

Now certain money-management apps included more and more banking services, including the traditional bank-account version. They don’t just help you budget; they let you pay and transfer money, expanding their usefulness far beyond a mere budget log. An app won’t make you behave; it can conjure timely reminders to pay your bills, alerts for your paychecks, or things of that nature But it can push you much further in planning the way than a mere blank spreadsheet, ever can.

So, if you happen to be the type of person who has trouble budgeting money, you may need a money management app like this to manage your finances. We recommend you try out these money management tools to provide better financial management and better help you reach your goals.